The Alaska Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal document that governs the pooling and servicing of mortgage loans in order to create mortgage-backed securities (MBS). This agreement outlines the responsibilities and rights of all parties involved in the securitization process. New Century Mortgage Securities, Inc. was a prominent mortgage lender and issuer of MBS prior to its bankruptcy in 2007. The Alaska PSA refers to a specific pooling and servicing agreement offered by this company for loans associated with properties in the state of Alaska. The main purpose of the Alaska PSA is to establish a structured system for the collection and distribution of mortgage loan payments to the investors who hold the MBS. It outlines how the mortgage loans are aggregated, packaged, and sold as securities to investors in the secondary market. This agreement also stipulates the duties of the service, who acts as an intermediary between the borrowers and the investors, in collecting payments, managing default scenarios, and maintaining a foreclosure process. Different types or classes of MBS can be created under the Alaska PSA, each representing a distinct level of risk and return for investors. These different classes are usually referred to as tranches, and they can have varying degrees of priority in terms of receiving principal and interest payments from the underlying mortgage loans. Key terms and concepts commonly found in the Alaska PSA include loan origination criteria, servicing fee structure, payment priority, prepayment terms, default and foreclosure procedures, investor reporting requirements, and the allocation of any excess cash flows. Investors and other parties interested in the Alaska PSA should carefully review the terms of the agreement, including all associated exhibits and appendices, to fully understand how the securitization process is structured and how risks and responsibilities are allocated among the involved parties. Additionally, it is crucial to perform thorough due diligence on the underlying mortgage loans, as the quality and performance of these loans directly impact the value and return on the issued MBS. It is worth noting that variations of the Alaska PSA may exist if New Century Mortgage Securities, Inc. offered separate agreements for different mortgage loan portfolios or geographic regions within Alaska. Nonetheless, the basic structure and purpose of these agreements would remain consistent with the general framework described above.
Alaska Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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The servicing of your mortgage loan is being transferred, effective [Date]. This means that after this date, a new servicer will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change.
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
A mortgage servicing disclosure provides information from the lender about whether or not the servicing of the loan may be transferred, sold, or assigned to some other person or entity during the life of the loan.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
NOTE: Another way to find a PSA is to go to the SEC EDGAR search index page: .
Opens in a new tab. opens in a new tab. Servicing Agreements. Introduction. A Servicing Agreement (or Loan Servicing Agreement) is a document entered into in connection with a facility established for the securitization of various types of assets, most often loans, receivables or leases.